Hogs

• Lean hog futures continued to slide lower with April having now lost $9 from the high made just 8 days ago. April settled at $91.825 down $2.025 while the Jun-Dec contracts were down $1.20 to $2.025
• The rally in the negotiated national average stalled on Thursday and lost $1.22 on the day finishing at $86.95.
• The pork cutout continues to trade in a sideways range, gaining $1.88 on Thursday, up $1.88 from the previous day.
• Pork export sales for the week ending 2/5 came in at 28.6K tons compared with the previous 4-week average of 37.6K tons.

February’26 Hogs 

Grains

• Corn futures were higher on Thursday with front month March closing at $4.3125 up $0.0375 and the May-Sep contracts up $0.0475 to $0.055.
• Corn export sales for the week ending 2/5 came in at large 81.5 million bushels.
• Soybean futures were also higher today with front month March up $0.1325 at $11.3725. The May-Sep contracts were up $0.0675 to $0.1275.
• Soybean export sales for the week ending 2/5 came in at 10 million bushels bringing the accumulated total to 1.27 billion, which is down 20% from last year.

March’26 Corn 

March’26 Soybeans

Cattle

• Cattle futures ended mixed on Thursday. Feb closed at $242.50 up $0.15 and the Apr-Oct contracts were down $0.05 to $0.325.
• Boxed beef prices were mixed with choice down $1.08 at $364.84 and the select up $0.45 at 363.03.
• Beef exports for the week ending 2/5 came in at 15.7K tons, bringing cumulative sales for 2026 to 181.3 tons, down 0.9% vs last year.

February’26 Cattle

Weather

• The southern precip system is firing up in the SW U.S. this morning, bringing rains across the southern Plains and southern/southeastern U.S. through the weekend; extended maps remain generally wet north/dry south into late February. Temperatures will stay warm through the end of the month as well.
• Argentine rains fell far north yesterday but chances look decent for most areas through early next week, falling again center-west for the 6-10 day period.
• Brazilian rains were scattered north to south over the past 24 hours, with good coverage continuing throughout into early next week, better NE for the 6-10.

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